Sysco (NYSE:SYY) Price Target Raised to $87.00

Key Points

• Guggenheim raised Sysco's price target from $85.00 to $87.00, indicating a potential upside of 8.07% from the previous close and maintaining a "buy" rating on the stock.
• Multiple analysts have given varying price targets for Sysco, with Bank of America raising its target to $93.00 and Morgan Stanley setting it at $77.00, reflecting a general positive outlook.
• Sysco's quarterly earnings surpassed expectations with earnings per share of $1.48, exceeding the consensus estimate of $1.39, on revenues of $21.14 billion.

Sysco (NYSE:SYY - Free Report) had its target price upped by Guggenheim from $85.00 to $87.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

SYY has been the subject of several other research reports. Wall Street Zen cut shares of Sysco from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. UBS Group set a $90.00 target price on Sysco in a report on Wednesday, July 30th. Citigroup began coverage on Sysco in a report on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price target on the stock. Truist Financial upped their price objective on Sysco from $81.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. lifted their target price on Sysco from $82.00 to $85.00 and gave the company an "overweight" rating in a research note on Tuesday, May 20th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, Sysco currently has an average rating of "Moderate Buy" and an average price target of $85.69.

Sysco Trading Up 0.4%

SYY traded up $0.34 during trading on Wednesday, hitting $80.71. 1,027,335 shares of the stock were exchanged, compared to its average volume of 3,336,779. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.70 and a current ratio of 1.21. The firm has a 50 day simple moving average of $76.78 and a 200 day simple moving average of $73.85. The firm has a market cap of $39.12 billion, a price-to-earnings ratio of 21.67, a P/E/G ratio of 2.52 and a beta of 0.83. Sysco has a 1 year low of $67.12 and a 1 year high of $82.23.

Sysco (NYSE:SYY - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.09. Sysco had a return on equity of 109.52% and a net margin of 2.25%. The firm had revenue of $21.14 billion during the quarter, compared to the consensus estimate of $21.01 billion. During the same period in the previous year, the company posted $1.39 earnings per share. The firm's quarterly revenue was up 2.8% on a year-over-year basis. As a group, equities analysts expect that Sysco will post 4.58 EPS for the current year.

Insider Activity at Sysco

In related news, EVP Greg D. Bertrand sold 40,000 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $80.00, for a total value of $3,200,000.00. Following the transaction, the executive vice president directly owned 56,304 shares of the company's stock, valued at $4,504,320. This represents a 41.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ronald L. Phillips sold 37,606 shares of the firm's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $81.00, for a total value of $3,046,086.00. Following the completion of the transaction, the executive vice president owned 30,235 shares of the company's stock, valued at $2,449,035. This trade represents a 55.43% decrease in their position. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Rialto Wealth Management LLC increased its holdings in Sysco by 188.7% in the 1st quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock worth $25,000 after buying an additional 217 shares during the period. Parvin Asset Management LLC purchased a new stake in shares of Sysco in the 4th quarter valued at $29,000. Chung Wu Investment Group LLC acquired a new stake in shares of Sysco in the second quarter worth $30,000. Golden State Wealth Management LLC raised its holdings in shares of Sysco by 48.4% during the first quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock worth $32,000 after purchasing an additional 140 shares during the last quarter. Finally, N.E.W. Advisory Services LLC acquired a new position in Sysco during the first quarter valued at $33,000. 83.41% of the stock is owned by institutional investors and hedge funds.

About Sysco

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally. It operates through U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other segments.